Eyenovia announces $50M PIPE financing to launch Hyperliquid reserve strategy

Eyenovia (EYEN) announced that it has entered into a securities purchase agreement for a $50M private placement in public equity with institutional accredited investors. The company will use the funds to build a reserve of a token called HYPE, which is native to the decentralized digital asset exchange and Layer-1 blockchain, Hyperliquid (HYPE). The company expects to receive aggregate gross proceeds of approximately $50M, before deducting offering expenses. In connection with the transaction, the company is also announcing that it has appointed Hyunsu Jung as its Chief Investment Officer and as a Board member. Pursuant to the terms and conditions of the SPA, the company will issue non-voting convertible preferred stock convertible into approximately 15.4M shares of the company’s common stock at a conversion price of $3.25 per share, and warrants to purchase approximately 30.8M shares of the company’s common stock, at an exercise price of $3.25 per share. The conversion of the preferred stock and the exercise of the warrants are subject to beneficial ownership limitations set by the investors. The transaction is expected to generate aggregate gross proceeds of approximately $150M if the warrants are exercised in full, as to which no assurance can be given. “We are pleased to join the growing number of companies who have adopted similar strategies for the diversification, liquidity and long-term capital appreciation potential that cryptocurrency represents. Following a thorough review of all available alternatives, the Board and I have concluded that this transaction is in the best interests of our shareholders,” stated Michael Rowe, Chief Executive Officer of Eyenovia.